CVR Refining Announces CVR Energy’s Completion of Purchase of Common Units
January 29 2019 - 3:00PM
CVR Refining, LP (NYSE: CVRR) (the “Partnership”) announced today
that CVR Energy, Inc. (“CVR Energy”) (NYSE: CVI) has completed its
previously announced purchase (the “Call Right Purchase”) of all of
the issued and outstanding common units (“Common Units”)
representing limited partner interests in the Partnership not
already owned by CVR Refining GP, LLC, the general partner of the
Partnership (the “General Partner”), or the General Partner’s
affiliates for a cash purchase price, determined in accordance with
the Partnership’s First Amended and Restated Agreement of Limited
Partnership, as amended (the “Limited Partnership Agreement”), of
$10.50 per Common Unit (the “Call Price”), or approximately $241
million in the aggregate. The Call Right Purchase was conducted in
accordance with Article XV of the Limited Partnership Agreement.
CVR Energy also has completed its previously announced purchase
of all of the Common Units held by American Entertainment
Properties Corp. and Icahn Enterprises Holdings L.P. for a cash
purchase price per unit equal to the Call Price, or approximately
$60 million in the aggregate (the “IEP Purchase,” and together with
the Call Purchase, the “Purchase”).
As of today, CVR Energy owns, directly and indirectly, 100
percent of the Common Units, and all rights of the holders of the
Common Units whose Common Units were purchased in the Purchase have
been extinguished, except for the right to receive payment of the
purchase price. In addition, the Common Units have ceased to be
publicly traded or listed on the NYSE and will not be listed or
quoted on any other venue.
About CVR Refining, LP Headquartered in Sugar
Land, Texas, CVR Refining, LP is an independent downstream energy
limited partnership that owns refining and related logistics assets
in the Midcontinent United States. CVR Refining’s subsidiaries
operate a complex full coking medium-sour crude oil refinery with a
capacity of 132,000 barrels per calendar day (bpcd) in Coffeyville,
Kansas, and a complex crude oil refinery with a capacity of 74,500
bpcd in Wynnewood, Oklahoma. CVR Refining’s subsidiaries also
operate and invest in supporting logistics assets, including
approximately 570 miles of owned, leased and joint venture
pipelines, approximately 130 crude oil transports, a network of
strategically located crude oil gathering tank farms, and
approximately 6.4 million barrels of owned and leased crude oil
storage capacity.
For further information, please contact:
Investor Contact: Jay Finks CVR Refining, LP
(281) 207-3588 IR@CVRRefining.com
Media Relations: Brandee Stephens CVR Refining,
LP (281) 207-3516 MediaRelations@CVRRefining.com
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